CPC Raises Domestic Fuel Prices Amid Rising Crude Oil Costs
CPC Corp., Taiwan announced on Saturday that it will raise domestic gasoline prices by NT$0.7 (US$0.02) per liter and diesel prices by NT$0.6 per liter next week, citing a rise in international crude oil prices above US$100 per barrel.
The decision ends a six-week period during which CPC kept fuel prices in Taiwan unchanged to ease domestic inflationary pressure and maintain the country's competitive edge.
CPC said its floating price mechanism showed that the average international crude oil price rose from US$99.82 per barrel last week to US$115.61 this week, due to escalating military conflicts in the Middle East that have increased risks to crude oil supplies and transportation.
The Taiwan dollar's strength, which averaged NT$31.556 against the U.S. dollar this week, helped CPC mitigate the impact from higher crude prices to some extent.